Amendment of section 140A
Section 61 of the Finance Act, 2001 deals with amendment of section 140A. Amendment of section 140A. 61. In section 140A of the Income-tax Act, after sub-section (1), the following sub-sections shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:— ‘(1A) For the purposes of sub-section (1), interest payable under
Amendment of section 140A.
61. In section 140A of the Income-tax Act, after sub-section (1), the following sub-sections shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:—
‘(1A) For the purposes of sub-section (1), interest payable under section 234A shall be computed on the amount of the tax on the total income as declared in the return as reduced by the advance tax, if any, paid and any tax deducted or collected at source.
(1B) For the purposes of sub-section (1), interest payable under section 234B shall be computed on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid falls short of the assessed tax.
Explanation.—For the purposes of this sub-section, "assessed tax" means the tax on the total income as declared in the return as reduced by the amount of tax deducted or collected at source, in accordance with the provisions of Chapter XVII, on any income which is subject to such deduction or collection and which is taken into account in computing such total income.’.
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Section 61, The Finance Act, 2001.
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Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 61
What does Section 61 of the Finance Act deal with?
Section 61 of the Finance Act is headed "Amendment of section 140A". Amendment of section 140A. 61. In section 140A of the Income-tax Act, after sub-section (1), the following sub-sections shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:— ‘(1A) For the purposes of sub-section (1), interest payable under
How do I find court cases under Section 61 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2001 61, section 61 Finance Act 2001, section 61 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 61 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 140A (Self-assessment), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2001. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5812 words
- 49. Substitution of new sections for section 922093 words
- 2. Income-tax1972 words
- 5. Amendment of section 101262 words
- 44. Amendment of section 80-IA857 words
- 52. Substitution of new section for section 115AC851 words
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